As part of the licensing process, the Reserve Bank assessed each
applicant's ability to comply with the requirements of the Non-Bank
Deposit Takers Act, and the suitability of each applicant's directors and
senior officers.

Finance companies that raise funds from the public, and most building
societies and credit unions, were required to get a licence from the Reserve
Bank no later than 1 May 2015. The legal definition of an NDBT excludes most
kinds of managed investment schemes and entities that fund themselves solely
through non-public sources – e.g., those raising funds solely from related
parties, or from corporate or wholesale sources.

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